论文部分内容阅读
当前通行的公司治理理论主要是建立在“两权分离”及“委托代理”理论的基础之上。根据该理论,(非人力)资本所有者是企业的最终所有者,对企业拥有控制权和剩余索取权,经理人员受聘于资本所有者。在“两权分离”的前提下,企业经营者的目标函数与所有者的目标函数存在差异:前者的目标在于经营者利益和权力最大化,而后者的目标是股东财富最大化及其
The current prevailing corporate governance theory is mainly based on the theory of “separation of powers” and “principal-agent” theory. According to the theory, the (non-human) capital owner is the ultimate owner of the enterprise, who has control and residual claims on the business and the manager is employed by the capital owner. Under the premise of “separation of ownership and two rights”, there exists a difference between the objective function of the entrepreneur and the objective function of the owner: the former aims at maximizing the interests and power of the manager, while the latter aims at maximizing shareholder wealth and its